Thursday, July 29, 2021

Saudi to supply full contract of Aug-loading crude to at least 5 Asian buyers

Saudi Arabia, the world’s top crude oil exporter, will supply full contractual volumes of August-loading crude to at least five Asian customers, sources with direct knowledge of the matter told Reuters on Monday.

However, the producer has turned down two of the buyers’ requests for extra barrels, two of the sources said.

Saudi state energy company Saudi Aramco 2222.SE did not immediately comment on the matter.

Last week, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, failed to reach an agreement to increase output from August.

After the breakdown of talks, Saudi Arabia raised the August official selling prices (OSPs) of all crude grades it sells to Asia, setting flagship Arab light crude at $2.70 a barrel above the Oman/Dubai average for Asia, up 80 cents from July.

The price hike was slightly above an expected month-on-month increase of 65 cents a barrel on average from five refinery respondents surveyed by Reuters.
Source: Reuters (Reporting By Shu Zhang and Nidhi Verma; Editing by Muralikumar Anantharaman, Kirsten Donovan)

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